Confidence about retirement planning

In their latest survey for Financial Planning Week, the Institute of Financial Planning (IFP) have found that only 22% of people are clear how money much they need to save for retirement.

Commenting on the survey results, Informed Choice chartered financial planner Martin Bamford said:

“It is little surprise that more than half of respondents don’t know how much they need to save for their retirement.

Whilst this is one of the most important numbers to know from a financial planning perspective, it is a complete mystery to so many people.

By working with a Financial Planner, individuals can quickly understand how much they need to save to secure their desired lifestyle in retirement.

Going through life without knowing what retirement has in store results in so much uncertainty when making other important financial decisions.”

He continues “It is interesting to see that more men than women know how much they need to save for retirement. These findings reflect our own experiences with clients, where women tend to leave it much later than men to take retirement planning seriously.

Whilst it is good to see awareness of retirement planning goals improve with age, those in the younger age ranges need to start planning for their retirement income at a much earlier stage to make the most of their opportunities to save.”

Photo credit: Flickr/liz_com1981